Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, Onerous Testing

May 12, 2023 9:00 am ET

Accounting majors in the class of 2023, the first to enter a postpandemic professional world, will find no shortage of demand for their services as the industry grapples with a scarcity of candidates. Photo: Thomas Wells/The Northeast Mississippi Daily/Associated Press

Graduates entering the workforce this year who are considering careers in accounting should see plenty of demand for their services as the industry grapples with a dearth of candidates. But even so, they may find what companies are willing to pay them underwhelming, particularly given the rigorous academic and testing requirements required to follow this career path.

More than 300,000 U.S. accountants and auditors have left their jobs in the past couple of years, a 17% decline in overall industry employment, according to the Bureau of Labor Statistics. Recruiters say experienced accountants are often moving into new roles in finance and technology. And the exodus is expected to worsen as baby boomers leave the workforce, with 75% of certified public accountants retiring or close to retiring in the next 15 years, according to the American Institute of CPAs.